Sweden’s Lovable valued at $13.3bn with Scaleup Europe Fund backing

Lovable now aims to expand on its product and infrastructure, and wants to hire across offices globally.

AI vibe-coding start-up Lovable has tapped fresh funding from Scaleup Europe Fund and China’s Tencent in a round that values the Swedish company at $13.3bn.

The $400m Series C round was led by Menlo Ventures and co-led by the $5bn EQT-run EU fund. The raise doubles Lovable’s $6.6bn valuation from last December after a $330m Series B raise, also led by Menlo.

With big backers from across the world, including Balderton Capital, Europe’s Carmignac, World Innovation Lab, Accel, HubSpot and Salesforce, Lovable now aims to expand on its product, infrastructure and team as it looks to challenge the likes of ChatGPT and Claude.

Lovable enables users to build apps and websites using AI. Since its launch in late 2024, users have created more than 60m projects using its tools, the company said. In recent months, it has integrated payment functionalities and other features into its tools to help users monetise building using Lovable.

“As millions of people build with Lovable, the system gets better at understanding which choices lead to stronger outcomes,” it said.

The AI start-up said it will grow its global team – spread across Stockholm, London, Boston, San Francisco and New York – to roughly 450 people. Hiring will be focused around machine learning, product, infrastructure, and security roles.

EU’s Scaleup Europe Fund – the largest of its kind in Europe – is helping EU-based companies across a range of strategic sectors, including AI, quantum, clean energy, space-tech, biotech and medical innovation tap high growth capital and support in a bid to better compete with US and China in emerging technologies.

Finnish space intelligence start-up Iceye was the first to officially tap support from the Fund earlier this month, with reports also placing it behind the Bavarian space-tech The Exploration Company and Paris-based Mistral AI.

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.